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Tue 25 Feb 2014 04:56 PM

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Qatar's Ooredoo said to seek $1bn refinancing loan

Banking sources say Qatari telecommunications firm has approached banks for loan

Qatar's Ooredoo said to seek $1bn refinancing loan

Qatari telecommunications firm Ooredoo has approached banks for a syndicated loan of up to $1 billion that will refinance existing debt, banking sources said.

The company sent out a request for proposals to around 15 banks last week with responses due this week, the bankers said. The deal is expected to have a five-year maturity, one of the bankers added.

Ooredoo was not immediately available for comment.

Ooredoo's last loan was a $1 billion, four-year facility that was signed with 14 international lenders in April 2013. That deal paid a margin of 85 basis points over LIBOR.

In December, Ooredoo secured a $1.25 billion, five-year sukuk, the firm's first Islamic bond.

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